Suzlon Energy drops 3% on lockout at Padubhidri unit

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Shares of Suzlon Energy fell after the company said after that it has suspended operations at Padubhidri rotor blade manufacturing unit after some workers caused hindrance in the smooth operations of the plant.

The company filed a clarification with the exchange after news of it locking out one of its blade manufacturing unit in Padubhidri, Karnataka. The lockout was initiated to hinder the unruly action and behavior of certain workers who had caused hindrance in the smooth working of the plant.

So suspension of operations and lockout was declared, effective from Nov 29, 2017, to safeguard the people and property.

The move of Operational Shutdown was initiated after several attempts of peaceful solutions failed to bring any results. Therefore, the company clarified that the shutdown was due to strained industrial relations, and not due to business compulsions.

The stock is currently trading at Rs 13.3, down by Rs 0.35 or 2.56% from its previous closing of Rs 13.65 on the BSE. The scrip opened at Rs 13.5 and has touched a high and low of Rs 13.5 and Rs 12.8 respectively.

Suzlon Energy Ltd :-

BSE 13.05 [0.60] ([4.40]%)
NSE 13.10 [0.55] ([4.03]%)

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